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SDCCU year-end report reflects solid growth
Continued commitment to improvement, service and the community sustains SDCCU’s steady growth
3/01/2018 12:00 a.m.
SDCCU released financial results for 2017. SDCCU reported that total assets increased to $8.3 billion at the end of 2017, compared to $7.9 billion at the beginning of the calendar year. SDCCU’s customer base ended the year at 374,218, welcoming more than 35,000 new customers and representing an increase of 10.3 percent from last year. Return on assets continues to be strong at 1.26 percent for the year 2017.
“These notable results represent strong growth for SDCCU in 2017, which is a direct reflection of the effort our team puts into delivering exceptional customer service and providing breakthrough banking products that help save our customers time and money,” said Teresa Halleck, SDCCU president and CEO.
Additionally, the net-worth-to-assets ratio for 2017 was 14.53 percent, well above the 7 percent minimum capital level for credit unions regarded as “well-capitalized,” as specified by the National Credit Union Administration (NCUA), the independent federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions in the U.S.
“SDCCU was founded on the principle that people come first and profits second—being actively involved as a community partner represents a big part of who we are as an organization. We are proud to be making an impact in the communities where we live and work, and we will continue to be engaged and give back,” said Halleck.
SDCCU’s overall growth rate in membership was more than double the national average for credit unions in the U.S., fueled by several highlights throughout the year. In 2017, SDCCU continued its Financial Wellness Wednesdays seminar series to help the community make educated financial decisions by delivering the BEST financial education, products and services. SDCCU also secured the naming rights for SDCCU Stadium where the San Diego County Credit Union Holiday Bowl was hosted in December. Attended by more than 47,000 football fans, $1 from each ticket sold to SDCCU Holiday Bowl was donated, raising more than $47,000 for SDCCU Biz Kid$ program to help teach kids in San Diego about money and business.
SDCCU was voted in The San Diego Union-Tribune Readers Poll as BEST Credit Union for the 18th year in a row, BEST Auto Loan Provider for the fourth year and BEST Financial Planner and BEST Home Loan Provider for the eighth year in a row; selected as the 2017 Outstanding Philanthropic Business/Corporation by the Association of Fundraising Professionals, San Diego Chapter; recognized by the National Association for Business Resources as One of San Diego’s Best and Brightest in Wellness; received the Raddon Financial Group: Crystal Performance Award. SDCCU was also recognized as BEST Credit Union by San Diego CityBeat, Uptown News, Star News, San Diego Downtown News, Mission Times Courier and La Mesa Courier. SDCCU President and CEO Teresa Halleck was selected by the San Diego Business Journal as Most Admired CEO. Two more Guinness World Records® were achieved at the SDCCU Super Shred Event, which resulted in the collection and shredding of 898,931 pounds of paper, protecting the community from the risks of identity theft and saving over 7,600 trees.
Also, In 2017, SDCCU opened a new branch in the Scripps Ranch neighborhood of San Diego and expanded further into Orange County with the opening of its new Costa Mesa and Mission Viejo branches, bringing its total to 43 branch locations throughout Southern California.
San Diego County Credit Union is San Diego’s largest locally-owned financial institution serving San Diego, Riverside and Orange counties. SDCCU has assets of $8.3 billion, over 374,000 customers, 43 convenient branch locations and 30,000 surcharge-FREE ATMs. SDCCU provides breakthrough banking products that meet the demands of today’s lifestyle and delivers banking services that save customers money. SDCCU is leading the way, offering FREE Checking with eStatements, SDCCU mobile banking, mortgage loans, auto loans, Visa® credit cards and business banking services. Federally insured by NCUA. Equal Housing Opportunity. For more information, visit www.sdccu.com.